Financial Operations in India Halted as Millions of Bank Employees Protest

Striking bank employees have turned down a 2 percent salary hike proposal, viewing it as “not in good taste.” Essential services like RTGS (Real Time Gross Settlement), demand drafts, cheque clearance and foreign remittances have been severely affected.

New Delhi (Sputnik) — Seeking better pay, over a million bank employees of around 40 Indian banks are on a two-day nationwide strike starting Wednesday.

Nine bank employee unions across 21 public, 12 private and seven foreign banks are participating in the strike, which was called after unions refused to agree to a 2 percent wage hike for junior level officers. 

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"From unions, we made it clear that the Indian Banks Association (IBA) offer of 2% was not in good taste," DT Franco, the general secretary of the All India Bank Officers' Confederation, said.

Bank workers hold protest in Varanasi demanding an immediate wage revision. United Forum of Banking Unions (UFBU), an umbrella body of nine bank unions has called for a 2-day nationwide bank strike against wage hike proposed by the Indian Banks' Association (IBA). pic.twitter.com/5iiktJjH6T

— ANI UP (@ANINewsUP) May 30, 2018

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#BankStrike 48 hours Bank Strike by one Million Bank Employees(Including Me) and Officers commences now demanding wage revision. Let us make it a grand success. pic.twitter.com/MUMcWaOLNd

— Arun Kumar Dubey (@arundubeyM) May 30, 2018

The Indian Banks' Association, which represents the management of the banks, had refused a wage revision pending since last November of the entire workforce due to the poor financial health of the banking system. Results ending March 2018 show that 37 banks have added approximately $19.5 billion in gross non-performing assets (NPAs) in the fourth quarter of the last financial year. Gross NPAs of the Indian banks stand at around $147 billion.

Those who are comparing #PSBs to that of Private Bank. Go and ask them to open your #Jandhan a/c. #Mudra loan. All govt sponsered scheme are done by we #bankers We are not begging we are demanding our rights #BankStrike

— Nand Kumar Patil (@newnk123) May 30, 2018

President salary increased.
Governer Salary increased.
MP MLA Salary increased.
CJI JUDGE salary increased.
Army Navy Chief.. increased.
Cabinet Secretery…increased.
Central Govt. Employee salary increased too,
When will Bankers salary increse?@FinMinIndia @PMOIndia

— Newton Bank Kumar (@idesibanda) May 30, 2018

— PRATEEK KUMAR SHARMA (@smileyprateek) May 30, 2018